The following information comes from the 2024 Annual Report to stockholders of Composition Incorporated (in thousands): From the Statement of Changes in Shareholders' Equity: BALANCES at December 31, 2022 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.544 per share Compensation under employee incentive plans Treasury shares exchanged for Acquisitions Purchase of shares for treasury BALANCES at December 31, 2023 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.554 per share Compensation under employee incentive plans Purchase of shares for treasury BALANCES at December 31, 2024 From the Statement of Cash Flows: Cash flows from financing activities: 2024 2023 Dividends paid $ 72,384 $ 67,072 Required: How many shares of treasury stock were removed for use during 2023? Note: Enter your answer in thousands. Treasury stock removed during 2023 Paid-in capital-excess Number of Treasury of par $ 0 shares (30,701) Treasury stock amount $ (525,721) Retained earnings $ 1,674,782 244, 341 (5,321) 391 10,878 (69,092) (1,942) 409 9,548 140,609 20,589 (6,808) 133,346 (16,120) 319,693 (124,306) (309,908) (3,678) 293 7,235 1,850,031 82,105 (74,303) (210) 380 8,411 $ 129,458 (3,073) (18,520) (48,818) $ (343,080) $ 1,857,833
The following information comes from the 2024 Annual Report to stockholders of Composition Incorporated (in thousands): From the Statement of Changes in Shareholders' Equity: BALANCES at December 31, 2022 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.544 per share Compensation under employee incentive plans Treasury shares exchanged for Acquisitions Purchase of shares for treasury BALANCES at December 31, 2023 Net earnings Sales of common stock under option plans Cash dividends declared on common stock: $0.554 per share Compensation under employee incentive plans Purchase of shares for treasury BALANCES at December 31, 2024 From the Statement of Cash Flows: Cash flows from financing activities: 2024 2023 Dividends paid $ 72,384 $ 67,072 Required: How many shares of treasury stock were removed for use during 2023? Note: Enter your answer in thousands. Treasury stock removed during 2023 Paid-in capital-excess Number of Treasury of par $ 0 shares (30,701) Treasury stock amount $ (525,721) Retained earnings $ 1,674,782 244, 341 (5,321) 391 10,878 (69,092) (1,942) 409 9,548 140,609 20,589 (6,808) 133,346 (16,120) 319,693 (124,306) (309,908) (3,678) 293 7,235 1,850,031 82,105 (74,303) (210) 380 8,411 $ 129,458 (3,073) (18,520) (48,818) $ (343,080) $ 1,857,833
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 19E: Lyon Company shows the following condensed income statement information for the year ended December...
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Transcribed Image Text:The following information comes from the 2024 Annual Report to stockholders of Composition Incorporated (in thousands):
From the Statement of Changes in Shareholders' Equity:
BALANCES at December 31, 2022
Net earnings
Sales of common stock under option plans
Cash dividends declared on common stock: $0.544 per share
Compensation under employee incentive plans
Treasury shares exchanged for Acquisitions
Purchase of shares for treasury
BALANCES at December 31, 2023
Net earnings
Sales of common stock under option plans
Cash dividends declared on common stock: $0.554 per share
Compensation under employee incentive plans
Purchase of shares for treasury
BALANCES at December 31, 2024
From the Statement of Cash Flows:
Cash flows from financing activities:
2024
2023
Dividends paid
$ 72,384
$ 67,072
Required:
How many shares of treasury stock were removed for use during 2023?
Note: Enter your answer in thousands.
Treasury stock removed during 2023
Paid-in capital-excess Number of Treasury
of par
$ 0
shares
(30,701)
Treasury stock
amount
$ (525,721)
Retained earnings
$ 1,674,782
244, 341
(5,321)
391
10,878
(69,092)
(1,942)
409
9,548
140,609
20,589
(6,808)
133,346
(16,120)
319,693
(124,306)
(309,908)
(3,678)
293
7,235
1,850,031
82,105
(74,303)
(210)
380
8,411
$ 129,458
(3,073)
(18,520)
(48,818)
$ (343,080)
$ 1,857,833
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